Friday, November 18, 2011


News Links, November 19, 2011

## Global economic meltdown ##
Spain Credit Crunch Deepens
"Data released Friday by the Bank of Spain showed that some €48.4 billion in credit was removed from the Spanish economy over the past year through September. The decline was the biggest on record in the country since the central bank began to track lending growth in 1962."
Italy too big to fail? Odds are it's too big to save.
"With an economy seven times bigger than Greece, Italy could cost the eurozone €1.2 trillion if it requires a bailout like Greece's. That's more than Europe's emergency coffers have, even with leverage."
Ireland: "Germany Is Our New Master"
Who Will Collect Greek Taxes?
Stocks end the week going nowhere and Europe is still in crisis
October Euro Deal Was 'Confidence Trick That Failed' (CNBC)
"The three-pronged deal reached by European leaders in October aimed at preventing the euro zone debt crisis from spreading further did no more than "trick" markets into thinking a lasting solution had been found and has in fact made matters worse, Nomura's Bob Janjuah said on Friday."
1 Through 30 – The Coming U.S. Financial Crisis By The Numbers
ECB president takes hard line on eurozone
Energy drives up Canada's cost of living
Toronto's worst weekly loss in eight weeks
Global systemic crisis: 30,000 billion US dollars in ghost assets will disappear by early 2013 / The crisis enters a phase of widespread discounting of Western public debt
Words of a Euro Doomsayer Have New Resonance
"The euro zone was crumbling, just as he had long predicted, yet Bernard Connolly, Europe's most persistent prophet of doom, still faced a skeptical audience.
"'The current policy of lending plus austerity will lead to social unrest,' Mr. Connolly told investors and policy makers at a conference held this spring in Los Angeles by the Milken Institute, arguing the case that Greece, Italy, Portugal and Spain could not simply cut their way to recovery."
Emerging-Market Stocks Post Biggest Weekly Loss Since September on Europe
Asian Stocks Fall for Third Week on Europe Crisis, China Property Concerns
London Stock Exchange Becomes Lender of Last Resort to Italian Banks
Max Keiser interviews Mish (video)
Spanish Banks Have $41B of 'Unsellable' Real Estate

## Fault lines/flashpoints/military ##
Japan, wary of China, boosts ties with ASEAN
Old U.S. Foe Proves Useful in Asia (Vietnam)
Boeing delivers first batch of 30,000-pound bombs to Air Force
Pentagon successfully tests hypersonic flying bomb
"The Pentagon on Thursday held a successful test flight of a flying bomb that travels faster than the speed of sound and will give military planners the ability to strike targets anywhere in the world in less than a hour."
Israel on way to becoming only 'democracy' without free press
"A heavy-handed majority in the Knesset seeks to further tighten the censorship noose by means of an amendment to the law that would make it possible to sue a newspaper for libel, without having to prove damages."
Pirates hijack Chevron vessel off Nigeria: sources
Gas shippers face new threat from marine pirates
Tensions Increasing Over Caspian Energy Riches
Top U.S. senator unveils a legislation to impose sanctions on Iran's central bank
Syria agrees 'in principle' to allow Arab League observers in
Report: Russia warships to enter Syria waters in bid to stem foreign intervention (Haaretz)
Israeli Attack on Iran Would Include Targeting Civilian Infrastructure

## Global unrest/mob rule/angry people ##
Police warn about mob attacking people in downtown Denver (includes video)
"There have been 16 assaults and robberies over three months starting August 1, by a group of people in their teens and early twenties."
Hundreds held in Occupy protests across nation
"More than 70 are arrested in downtown L.A., and several unions call on the city to let protesters stay at a bank plaza on Bunker Hill. At a march in Manhattan, 200 are taken into custody."
Media Can Avoid NYPD Arrest By Getting Press Pass They Can't Get
Video: NYPD Rallies to Keep Occupy Wall Street Out of the NYSE
Occupy London protesters take over empty UBS bank offices
12 arrested on I-84 on ramp in economic protest
Irate mob attacks MSEB office (India)
"An irate mob, consisting of suspected CPM activists, today stormed into the MSEB office in Talasari here and tried to thrash an engineer, police said. The mob was angry over frequent power failure in the area and long-pending electricity-related projects."
In pictures: Italy protests
Kuwait's emir orders security crackdown after protests

## Energy/resources ##
Diesel shortage hits Durban (South Africa)
Europe Distillates-Diffs ease as supply recovers
"Russian stockpiling of diesel, amid worries of a domestic fuel shortage, has led to a cut in exports also putting pressure on supply."
Heating oil, diesel and gasoline make a toxic mix
"Oil prices back above $100 a barrel, rising U.S. exports and falling stocks of distillates, and growing demand for both heating oil and diesel may prove to be a toxic mix for energy consumers this winter."
India's Future Nuclear Energy Plans Hit Protest Snags
Shell produces oil from world's deepest subsea well in Gulf of Mexico
The Rush for Oil in West Africa – The New Wild West?
Implied Gains in Oil Field Services Stocks May Not be Real
"Even rising crude oil prices aren't likely to spur a lot more exploration and drilling in the near term, and that's what National and the rest of this group needs."

## Got food? ##
The coming decentralization of food production
"Folks, when citizens can no longer prepare home cooked meals for friends and guests without a government agency intervening (often violently), we're rapidly reaching the end game. This is no longer about protecting the health of citizens — if it ever even was — it's about control. Former Secretary of State Henry Kissinger himself admitted as much when he remarked that 'if you control food, you control the population.'"
Up to 3 million Afghans face hunger as winter looms
"Up to three million people in Afghanistan are facing hunger, malnutrition and disease after a severe drought wiped out their crops and extreme winter weather risks cutting off their access to vital food aid, a group of aid agencies warned Friday."

## Environment/health ##
Antibiotic-resistant infections spread through Europe
Climate conference warns of extremes
Chevron Oil Leak off Brazil's Coast Larger Than Reported, Regulator Says

## Intelligence/security/internet/systemic breakdown ##
Fake terror plots, paid informants: the tactics of FBI 'entrapment' questioned (Guardian)
"Critics say bureau is running a sting operation across America, targeting vulnerable people by luring them into fake terror plots"
H(ackers)2O: Attack on City Water Station Destroys Pump (Springfield, IL)
Analysis: Internet Blacklist Bill Is Roadmap to 'the End' of the Internet
Europe restricts use on some airport full-body scanners; TSA appears displeased
Congress Fears Chinese Telecom Gear May Phone Home
Preserving the Status Quo with Artifice and Lies Leads to Systemic Collapse
Suppressing dissent, transparency and fact inevitably leads to systemic collapse-- exactly what we're seeing in the European financial system.

## Japan ##
Kansai Electric to Raise 670 B. Yen By End-March
"The financing became necessary to cover the company's ballooning fuel procurement costs for thermal power generation, as it remains to be seen when it can restart nuclear reactors, suspended mainly due to routine maintenance."
Tokyo, Osaka exchanges near merger deal
Japan Insurers Cut Outlooks on Thai Floods
Nikon, Furukawa, Asahi Cut Oulook on Thai Floods
Edano says gov't won't allow Kyushu Electric to restart 2 reactors at Genkai plant
Japan offers Southeast Asian nations Y2 tril to build infrastructure
Japan is hopelessly mired in debt. Where will it get the 2 trillion? -- RF
Japan Needs Gasoline, Kerosene Reserves: Oil Industry Group
"The country should establish emergency national reserves of gasoline, kerosene and other petroleum products, the Petroleum Association of Japan proposed Friday as part of recommendations for changes to energy policy."
Japan concerned about hikes in Italian, Spanish bond yields: Azumi
Student job seekers face 'very challenging times'
"Fewer than six out of 10 university students expecting to graduate next March had found a job by the start of October, according to a survey by the education and labor ministries."

## China ##
Gordon Chang: The Reasons For China's Imminent Bust
"The global dominant narrative about China is wrong, claims Gordon Chang. Don't expect it to be the 'pocketbook of last resort' that will rescue world markets from their current malaise.
"And don't expect its remarkable economic growth to continue. In fact, expect a 'hard landing' for China - and soon."
Power Shortage To Hit 40M Kilowatts
China: Buy a home, get a free BMW (CNN Money video)

## UK ##
High Court date set to remove St Paul's protesters
Striking public sector will cost the UK economy millions
Royal Navy Faces Shortage of Attack Submarines

## US ##
Flash mobs pose threat to retailers: Marsh
Shippers Face Sticker Shock as Trucking Industry Increases Prices
"For the first time in several years, shippers in the U.S. are about to face significant truckload price increases, as the trucking industry succumbs to the effects of unavoidable cost pressures. When it comes to managing finances, the industry is entering a 'perfect storm' and many truckers are fighting for their very existence."
Deficit-cutting panel girds for failure
"A high-profile congressional effort to trim stubborn U.S. budget deficits appeared near collapse on Friday as Democratic and Republican lawmakers were unable to agree on tax increases and benefit cuts."
Supercommittee failure could trigger US credit downgrade, economists warn
Detroit Mayor Plans To Lay Off 1,000 City Employees
US Growth Too Slow to Dent Jobless Rate: Fed's Dudley
S&P 500 Completes Worst Week in Two Months
U.S. Birthrate Declines for Third Year on Economic Worries
General Maritime files for Chapter 11 protection
Clearwire slammed as CEO reportedly mulls default
Las Vegas foreclosure nightmare a boon for indoor pot growers
Americans' Financial Distress Is Getting Worse Again
Deep Spending Cuts Pose a New Threat to US Economy

And finally... Ukrainian 'Darth Vader' wants land plot for spaceship
"A Ukrainian wearing a Darth Vader costume made an unexpected appearance at a city hall in the south of the country, demanding a plot of land on which to park his spaceship, local authorities said Friday."

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